Clark Nevada Book Value Phantom Stock Plan of First Florida Banks, Inc.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Clark
• Control #: US-CC-20-162A
• Format: Word; Rich Text

Description

20-162A 20-162A . . . Book Value Phantom Stock Plan under which Committee of Board of Directors may, from time to time, grant quantity of phantom shares to selected employees, each share being equivalent to one share of corporation common stock. Phantom shares may be exercised at any time within ten years of date of grant (subject to certain limitations in event of termination of employment) Upon exercise, employee is paid cash equal to increase in underlying net book value per share on fully diluted basis of shares between date of grant and date of exercise The Clark Nevada Book Value Phantom Stock Plan is a compensation program offered by First Florida Banks, Inc. that allows employees to participate in the company's growth and success. This plan is designed to provide employees with potential financial benefits while also aligning their interests with the long-term goals of the organization. With the Clark Nevada Book Value Phantom Stock Plan, employees are granted virtual shares of company stock, known as phantom stock units. These units track the book value of the bank, representing a hypothetical ownership interest. Unlike traditional stock options, participants do not actually own shares of stock; instead, they receive cash value based on the increase in the bank's book value over time. This plan serves as an incentive for employees to contribute to the bank's growth and profitability. By tying compensation to the company's overall financial performance, it promotes a sense of ownership and encourages employees to make decisions in the best interest of the organization and its shareholders. There are different types of Clark Nevada Book Value Phantom Stock Plans available to employees based on their level of participation or eligibility: 1. Standard Employee Plan: This is the basic version of the plan and is open to all eligible employees. It allows employees to earn phantom stock units based on the bank's book value growth, which can be redeemed for cash or other benefits upon certain triggering events like retirement, resignation, or at predetermined dates. 2. Executive Deferred Compensation Plan: This plan is designed specifically for key executives within First Florida Banks, Inc. It offers additional benefits and options for executives to further enhance their compensation. The plan typically includes features like accelerated vesting schedules, more generous redemption options, and the ability to defer taxation on the phantom stock units until a later date. 3. Management Incentive Plan: This plan is tailored for high-performing managers who hold critical positions within the organization. It offers additional incentives and rewards tied to specific performance metrics, such as departmental or individual goals. The management incentive plan may provide increased allocations of phantom stock units or accelerated payout schedules for achieving or surpassing performance targets. It's worth noting that each Clark Nevada Book Value Phantom Stock Plan may have specific eligibility criteria, vesting schedules, and redemption rules. Participants should carefully review the terms and conditions of their specific plan to fully understand the benefits, rights, and obligations associated with their participation. In conclusion, the Clark Nevada Book Value Phantom Stock Plan of First Florida Banks, Inc. is a robust compensation program that enables employees to share in the bank's success. By offering phantom stock units tied to the company's book value, employees are motivated to contribute to the bank's growth and align their interests with shareholders. With different plans available for employees at various levels, the program offers flexibility and tailored benefits based on individual or managerial roles.

The Clark Nevada Book Value Phantom Stock Plan is a compensation program offered by First Florida Banks, Inc. that allows employees to participate in the company's growth and success. This plan is designed to provide employees with potential financial benefits while also aligning their interests with the long-term goals of the organization. With the Clark Nevada Book Value Phantom Stock Plan, employees are granted virtual shares of company stock, known as phantom stock units. These units track the book value of the bank, representing a hypothetical ownership interest. Unlike traditional stock options, participants do not actually own shares of stock; instead, they receive cash value based on the increase in the bank's book value over time. This plan serves as an incentive for employees to contribute to the bank's growth and profitability. By tying compensation to the company's overall financial performance, it promotes a sense of ownership and encourages employees to make decisions in the best interest of the organization and its shareholders. There are different types of Clark Nevada Book Value Phantom Stock Plans available to employees based on their level of participation or eligibility: 1. Standard Employee Plan: This is the basic version of the plan and is open to all eligible employees. It allows employees to earn phantom stock units based on the bank's book value growth, which can be redeemed for cash or other benefits upon certain triggering events like retirement, resignation, or at predetermined dates. 2. Executive Deferred Compensation Plan: This plan is designed specifically for key executives within First Florida Banks, Inc. It offers additional benefits and options for executives to further enhance their compensation. The plan typically includes features like accelerated vesting schedules, more generous redemption options, and the ability to defer taxation on the phantom stock units until a later date. 3. Management Incentive Plan: This plan is tailored for high-performing managers who hold critical positions within the organization. It offers additional incentives and rewards tied to specific performance metrics, such as departmental or individual goals. The management incentive plan may provide increased allocations of phantom stock units or accelerated payout schedules for achieving or surpassing performance targets. It's worth noting that each Clark Nevada Book Value Phantom Stock Plan may have specific eligibility criteria, vesting schedules, and redemption rules. Participants should carefully review the terms and conditions of their specific plan to fully understand the benefits, rights, and obligations associated with their participation. In conclusion, the Clark Nevada Book Value Phantom Stock Plan of First Florida Banks, Inc. is a robust compensation program that enables employees to share in the bank's success. By offering phantom stock units tied to the company's book value, employees are motivated to contribute to the bank's growth and align their interests with shareholders. With different plans available for employees at various levels, the program offers flexibility and tailored benefits based on individual or managerial roles.